Real Estate News

Developer may expand plans for midtown housing

A rendering shows a proposed five-story complex of 275 to 325 apartment units atop The Sacramento Bee’s parking garage (labeled “Sac Bee”) by developer Sotiris Kolokotronis.
A rendering shows a proposed five-story complex of 275 to 325 apartment units atop The Sacramento Bee’s parking garage (labeled “Sac Bee”) by developer Sotiris Kolokotronis. SKK Developments

A huge residential project slated for midtown Sacramento could get even bigger.

Developer Sotiris Kolokotronis already has agreements to buy several properties, including The Sacramento Bee’s full-block parking garage, for a multiblock complex of apartments, single-family homes and retail uses called Midtown Quarters.

Now Kolokotronis says he’s in preliminary talks with The Bee for a possible purchase of an additional half-block directly north of the newspaper’s headquarters and production facility at 21st and Q streets.

That parcel, between 21st and 22nd streets and stretching to the alley between Q and P streets, would be the location for a future fourth phase of his project, Kolokotronis said.

Linda Brooks, The Bee’s vice president of human resources, said the company has “not received an offer for that property.”

Whether that deal happens or not, Kolokotronis’ plan for midtown is ambitious: 400 to 550 residences on up to 5.5 acres and an investment of about $150 million.

The design will honor the area’s traditional look but “push the envelope architecturally,” Kolokotronis said in his first interview about the project.

“What we’re trying to do … is a contemporary interpretation of what is there now. New materials and new products but compatible with the surrounding area,” he said.

The developer, whose midrises at 18th and L streets helped transform midtown Sacramento a decade ago, said he intends to start construction on the first phase of his new project within 90 to 120 days. That will be a four-story, 68-unit apartment complex on the northeast corner of 19th and Q streets, on what is now a vacant lot.

The L-shaped brick and glass building, to be called Q19, will take 14 to 16 months to complete and have ground-floor retail as well as studios, one-bedroom and two-bedroom units – all with 10- or 11-foot ceilings. Monthly rents will range from $1,350 to the upper $2,000s, the developer said.

The second phase, starting next spring, will be 32 detached townhomes, to be built along 20th Street between R and P streets by The Grupe Co. of Stockton.

The three-story homes, to be priced in the mid-$500,000s, will feature brick or stone facades, raised entries and roof decks, said Grupe President Mark Fischer. The first homes should be ready for occupancy by the end of the year, he said.

The project’s third phase, to start by late summer or early fall of next year, will be a five-story complex of 275 to 325 apartment units atop The Bee’s two-level parking garage. Current plans call for two facing buildings with a large interior courtyard, but Kolokotronis said the design is not finalized.

The fourth phase, if it occurs, will start much later and likely be a mix of retail and residential uses, he said. That’s what would go on the Bee-owned land Kolokotronis is seeking to buy.

Kolokotronis, 56, said he’s been looking at development opportunities in the area near the established Poverty Ridge neighborhood and the emerging R Street corridor for more than a decade. He said his interest intensified around 2009, when he started conversations with The Bee about purchasing the company’s parking structure on Q street between 20th and 21st streets.

Negotiations stalled when the economic downturn hit, he said. But a year ago, after entering into agreements to buy other parcels in the area, Kolokotronis said he again approached The Bee about the site and went into escrow on the property earlier this year. (Company employees will be allowed to park at the new building after it is completed.)

Related stories from Sacramento Bee

  Comments